Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1887-06-16
me wheat Crash.

49, EM.sT%HGAAd Hv1k60b sn aEHf4
Chicago, June 15-There was an enor-
mons crowd on the floors and in the gal
leries OK the board room long before the
opening honr this morning. When the
bell sounded at $50 . roaring went up
and the session began. Ths FIRST sales
OF wheat we're at 751@ for june and u
for July, which was an advance Of "a
and z respectively, Soon after opening
President Wright announoedthe suapen-
sion OF four small firms viz: ]. ii. Youst
s. 90. B.J. MoUleary, 8. Q. Orr and
Pickering u 90. The suspension Of these
firms did not cause any excitement, as
they we're IN no way identified with the
clique. Az 10 o'clock the price was 7711s
for June and 75Ila for July.
Ill q. m.-The last raid OF the bears
has have q d~isquietinP effect on the
board, and there is q renewal Of the ner-
vons excitement and uncertainty Of yes.
tsrday and early this morning. This
was probably Increased by the rumor
that Karshaw & %, would margin their
wheat down to rs only. At 1890 the
wheat pit was as quiet as on any osdin.
airy day, whom the bears made another
raid on July wheas and it sold down by
jumps to 1874, 73aAl 73K rs. theniup to
1871 and back again to IS. The pit is
once more all nervous excitement and
uncertainty. Members who had sought
other pits during the calm have again
returned TO the wheat pit. At 11:20 q,
N. liberal orders to buy wheat are COM
ing III from outside points and the mar.
ket is bscotning steadier. July sold up
to IA and is now quoted ct 1874 With 9
Esronger tendency,
1880 d. m.-Four more failures have
inst been announced on change. The
firms are T.sB. Building 4 90, Crosby 4
Co, Hibbard q Go. and N. B. Crafts
Baidlng y CO. claim to be even on the
market. The suspension OF Hibbard
& Go. and Crosby s. Go. caused surprise
as..both came unexpectedly. Hubbard
Il Go. claim TO be solvent. July wheat
dropped to 73A.
n:15 p. M--The suspension of 8. M
Robinson and CEafts 8 90. has been an
nonncsd. II il aa YET utterly impossible
TO give any adequate information OF the
amount involved in the failures OF the
morning. B. j. MoCIeary's downfallil
the heaviest, and will reach more 6rml
than any other. MoCleasy. ==-.s
WAS in the deal quite heavily, but in ths
present unsettled state Of affairs, ever
the members Of the Arm have no,
learned hoB they stand. Their margin.
are open and trades unsettled, and unit
matters are adjusted itdwill be next Il
impossible 10 telthow any Of the tirml
stand. The excitement in the pit Ia IN
oreasifg and the be6rs are ssvagelJ
raiding the market. At 1859 all th.
July wheat was sent down to 724
Fropa there ii dropped to TAX, then t
7211aa, then to 7214 and then 60 ~; the,
to MI, and then in one Jump TO II
Another drop Of < cent was recorded q
two minutes past noon, when the markeI
touched 70ls then advanoedi in q jump
to III.
Ksrshsw q 90. are officially posted 81
having failed TO 60 through the clearing
house, This means o collapse. TIL,
Immediate cause OF the failure was dut
to Rosenfeldt 4 90, who garnisheet
Kesshaw'B account IN tho American
Exchange National bank.
Kershaw& Co, also announce tina
they are perfectly solvent AZ the preseni
market prices Of June wheat but are al
tied up. II tho market holds firm the,
claim they will be abie TO pnl through
"a. Edwards 81 CO.. announce that the,
are ever on the market but will NOS b
able to put mp excessive margins.
The day closes with the prevailinl
feeling that the worst is now oyer. Jul,
wheat opened az 7S,jamped to 731ss
reacted to 73i advanesdto 1885 within
five minutes after the opening. Th
announoennent that Kershaw 8 90, vii
bs able to pay their obligations. ha
created intense excitement. July ha
reacted slightly being quoted at rs .
atl5 O'Clock.
New York, June 1.-THE wheat mar
ket since thu last report has been yer.
nervous and excited. Che June deliy
sry broke fully 31S and July folIowe,